| 单词 | yield gap |
| 释义 | yield gap The difference between the average annual dividend yield on equities and the average annual yield on long-dated gilt-edged securities. Before the 1960s yields obtained from UK equities usually exceeded the yields provided by long-dated UK gilts, reflecting the greater degree of risk involved in an investment in equities. In the 1960s, however, rising equity prices led to falling dividend yields causing a reverse yield gap. This was widely regarded as acceptable, as equities were seen to provide a better hedge against inflation than fixed-interest securities: thus their greater risk element is compensated by the possibility of higher capital gains. |
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